On May 26, the China-Africa cross-border RMB settlement center was unveiled at the Zhejiang Chouzhou Commercial Bank in Yiwu. This marks a new stage for  Sino-African trade.

In December 2012, Yiwu City took the lead in launching a pilot for personal trade cross-border RMB settlement nationwide. This provides cross-border RMB settlement channels for market merchants and specific countries and effectively reduces settlement costs and avoids exchange rate risks.

Currently, there are 176 countries and regions that have cross-border RMB settlements with Yiwu. Africa is Yiwu’s largest trading partner, and there are nearly 2000 African merchants living and doing business in Yiwu. In 2022, Yiwu’s imports and exports to Africa reached 84.02 billion RMB, an increase of 10.2%. With the increases in economic and trade cooperation, the demand for cross-border finance is also increasing. The establishment of the China-Africa cross-border RMB settlement center provides a more convenient channel for economic and trade exchanges between Yiwu and Africa, and further strengthens cross-border RMB business cooperation between Chinese-financed banks and overseas financial institutions. In addition, it will broaden the cross-border RMB settlement channel and expand businesses like cross-border asset transfer and RMB interbank purchase and sale. (By Luo Hongting, translated by Wei Han, edited by Daniel Haws)